ELNICO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ELNICO
Largest movements
- Cash -€296,711
down €296,711 (-67.7%), from €438,047 to €141,337
mainly Contributions, distributions and other (-€415,776) and Investment in fixed assets (net) (-€1,492)
- Current investments -€50,000
down €50,000 (-67.2%), from €74,372 to €24,372
- Tangible fixed assets -€36,328
down €36,328 (-43.3%), from €83,962 to €47,634
- Contributions -€407,550
down €407,550 (-81.9%), from €497,608 to €90,058
- Trade debts +€11,086
up €11,086 (+110%), from €10,091 to €21,177
- Reserves +€9,575
up €9,575 (+12.6%), from €75,916 to €85,491
of which Distributable reserves: +€9,575
- Tax, wage and social debts +€6,324
up €6,324 (+86.3%), from €7,331 to €13,655
- Gross operating margin -€42,497
down €42,497 (-44.6%), from €95,187 to €52,690
- Taxes -€11,827
down €11,827 (-56.0%), from €21,108 to €9,281
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €605,288 | €222,849 | -€382,439 | -63.2% |
| Fixed assets | 21/28 | €83,962 | €47,634 | -€36,328 | -43.3% |
| Tangible fixed assets | 22/27 | €83,962 | €47,634 | -€36,328 | -43.3% |
| Land and buildings | 22 | €38,390 | €20,850 | -€17,539 | -45.7% |
| Furniture and vehicles | 24 | €11,165 | €6,952 | -€4,213 | -37.7% |
| Leasing and similar rights | 25 | €20,876 | €10,438 | -€10,438 | -50.0% |
| Other tangible fixed assets | 26 | €13,531 | €9,394 | -€4,137 | -30.6% |
| Current assets | 29/58 | €521,326 | €175,215 | -€346,111 | -66.4% |
| Amounts receivable within one year | 40/41 | €6,379 | €6,935 | +€556 | +8.7% |
| Trade receivables | 40 | €2,800 | €2,621 | -€179 | -6.4% |
| Other amounts receivable | 41 | €3,579 | €4,314 | +€735 | +20.5% |
| Current investments | 50/53 | €74,372 | €24,372 | -€50,000 | -67.2% |
| Cash at bank and in hand | 54/58 | €438,047 | €141,337 | -€296,711 | -67.7% |
| Deferred charges and accrued income | 490/1 | €2,528 | €2,572 | +€44 | +1.7% |
| Total equity and liabilities | 10/49 | €605,288 | €222,849 | -€382,439 | -63.2% |
| Equity | 10/15 | €582,940 | €179,244 | -€403,696 | -69.3% |
| Contributions | 10/11 | €497,608 | €90,058 | -€407,550 | -81.9% |
| Reserves | 13 | €75,916 | €85,491 | +€9,575 | +12.6% |
| Tax-exempt reserves | 132 | €22,886 | €22,886 | = | 0.0% |
| Distributable reserves | 133 | €53,030 | €62,605 | +€9,575 | +18.1% |
| Profit (loss) carried forward | 14 | €2,659 | €314 | -€2,346 | -88.2% |
| Investment grants | 15 | €6,757 | €3,381 | -€3,376 | -50.0% |
| Amounts payable | 17/49 | €22,348 | €43,605 | +€21,258 | +95.1% |
| Amounts payable within one year | 42/48 | €22,348 | €43,605 | +€21,258 | +95.1% |
| Trade debts | 44 | €10,091 | €21,177 | +€11,086 | +110% |
| Suppliers | 440/4 | €10,091 | €21,177 | +€11,086 | +110% |
| Taxes, remuneration and social security | 45 | €7,331 | €13,655 | +€6,324 | +86.3% |
| Taxes | 450/3 | €7,331 | €13,655 | +€6,324 | +86.3% |
| Other amounts payable | 47/48 | €4,925 | €8,773 | +€3,848 | +78.1% |
| Remuneration, social security and pensions | 62 | €198 | - | -€198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,230 | €37,820 | +€589 | +1.6% |
| Other operating charges | 640/8 | €2,642 | €2,121 | -€521 | -19.7% |
| Gross operating margin | 9900 | €95,187 | €52,690 | -€42,497 | -44.6% |
| Operating profit (loss) | 9901 | €55,117 | €12,749 | -€42,368 | -76.9% |
| Financial income | 75/76B | €9,201 | €9,147 | -€54 | -0.6% |
| Recurring financial income | 75 | €9,201 | €9,147 | -€54 | -0.6% |
| Financial charges | 65/66B | €443 | €536 | +€93 | +21.0% |
| Recurring financial charges | 65 | €443 | €536 | +€93 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €63,874 | €21,360 | -€42,515 | -66.6% |
| Income taxes | 67/77 | €21,108 | €9,281 | -€11,827 | -56.0% |
| Profit (loss) for the period | 9904 | €42,767 | €12,079 | -€30,687 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,767 | €12,079 | -€30,687 | -71.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.